1973 History/Videos

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1973 Inflation has a significant impact on peoples
lives around the world with the UK inflation rate running at 8.4% and
the US running at 6.16% . This causes problems in every aspect of peoples
lives from the price of Gas, Food and Bills , which in turn causes higher
wages and the spiral continues, much of this is caused by the Arab members
of the (OPEC) restricting the flow of oil to countries supporting Israel
as part of the Yom Kippur War. And the start of a Recession in Europe
causing increased unemployment and a 3 day week in the UK. Meanwhile in
the US two important cases dominate the news with Roe v. Wade making abortion
a US constitutional right and the start of the Watergate hearings in the
US Senate, and due to price increase of gas the Japanese car manufacturers
with smaller engines and more efficient have an impact of the US car industry

Cost of Living 1973

How Much things cost in 1973
Yearly Inflation Rate USA 6.16%
Year End Close Dow Jones Industrial Average 850
Average Cost of new house $32,500.00
Average Income per year $12,900.00
Average Monthly Rent $175.00
Cost of a gallon of Gas 40 cents
AMC Javelin car $2,900.00
A Dozen Eggs 45 cents

What Events Happened in 1973

Arab members
of the Organization of Petroleum Exporting Countries (OPEC),
announce they will restrict flow of crude oil to countries supporting
Israel causing price of oil to increase by 200%

Recession
begins in Europe following OPEC Oil price increases

Roe v. Wade
makes abortion a US constitutional right

Britain Ireland
and Denmark join the EEC

Chrysler
and other US car makers close a number of plants affecting 100,000 workers

US Troops withdrawn
from Vietnam and U.S. involvement in Vietnam War ends with the signing
of peace

World Trade Center
in New York becomes the tallest building in the world

Supreme Court
of the United States rules on Roe v. Wade.

IRA bombs explode
in the Whitehall and the Old Bailey.

Watergate Hearings
begin in the United States Senate and President Richard Nixon tells
the nation , I am not a crook.